Consequences of global financial crisis
Mr. Skinner considers September 14, 2008 one of the most important moments of the last decade, as it was the day when the global financial crisis began. During this period, the collapse of the largest bank Lehman Brothers resulted in dramatic changes in the global banking system. Many leading financial institutions hardly survived. During the crisis, the regulation of the banking system became tougher and capital requirements rose sharply.
Growing popularity of social networks on mobile devices
In the early 2010, a few people used social networks. However, Facebook and Twitter have gained momentum at that time. The first smartphone, known as iPhone from Apple, was released in 2007. Analysts doubted that a phone without a keyboard would be in demand. Nevertheless, iPhone is not just a phone, but a handheld PC. Combined with the social networks popularity, this led to an explosive growth in the user base. The mobile revolution promoted changes in the field of payment services. It was the time when mobile banking appeared.
Applications revolution
Payment solutions have become major applications on smartphones. For example, mobile wallets work almost all over the world. Alipay and WeChat Pay applications have become the leaders of the Chinese market. In the US, amid the growing popularity of remittances, the PayPal payment system appeared. According to Skinner, the union of payment services and mobile applications has changed the whole world of mobile communications, as the phone has turned into a cash register. According to forecasts of Global Market Insights Inc, mobile phones will process payments of more than $55 trillion in 2024.
Emergence of open banking
One of the major changes was the open banking development. This is a system, in which any user can work with their own software interface (API) or application. This became possible with the advent of cloud services. In 2010, to simplify the online ordering procedure seven lines of code were written, and today they are valued at more than $30 billion. This code called Stripe quickly gained popularity on the Web, and it can be integrated into any infrastructure. Stripe actively solves the problem of processing payments.
Fintech development
Ten years ago, financial technologies were in the development stage. Currently, thousands of companies are working with finance on the Internet. They are concentrated in their segments. Their developers create software products to solve a specific issue. Some of the companies, such as SoFi, Kabbage and Robinhood, started back in the 2000s, and today their capitalization exceeds $1 billion. These companies, which lead their industries, started from scratch. Today, many of them, such as TransferWise and Wirecard, are considered the world market leaders.
Bitcoin and other cryptocurrencies
In 2008, the world faced the concept of bitcoin and virtual currencies thanks to Satoshi Nakamoto's article “Bitcoin: A peer-to-peer electronic cash system”. It describes the network financial model that allows participants to transfer funds among themselves without intermediaries in the form of banks. In January 2009, the scientist released the first version of bitcoin. Currently, the authority of this cryptocurrency is undeniable and, despite the high volatility, its popularity in the digital asset market is still impressive.
Distributed registry technology
Along with cryptocurrency, the financial system met the innovative blockchain technology. This fully change-protected database has earned high marks from payment system specialists. Many banks are actively developing new payment solutions based on the blockchain system. Experts urge to distinguish between the concepts of bitcoin and blockchain, but many put an equal sign between cryptocurrency and distributed registry technology.
Cash refusal
According to Mr. Skinner, the so-called “cash war” is currently taking place. Digital money is gradually replacing traditional means of payment. They are replaced by mobile wallets, virtual currencies and payments based on the blockchain technology. It is convenient for the authorities of some states, as automated payments that pass through a single system are easier to track. This has advantages for ordinary users; the risk of robbery or loss of funds is minimal.
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